According to Cointelegraph, Utah's HB243 bill has been sent to the governor for signing, defining "proposition betting" as gambling, with the aim of banning prediction market platforms such as Kalshi and Polymarket from operating in the state. Governor Spencer Cox has indicated he will sign the bill. In response, Kalshi has filed lawsuits against Utah and Iowa, arguing that its event contracts are federally regulated derivatives and states lack the authority to prohibit them. Regarding this, CFTC Chairman Michael Selig emphasized that the CFTC holds exclusive regulatory authority over prediction markets, stating, "If anyone challenges this, we'll see them in court."